USD 6.14 billion
Report ID: SQMIG20B2020 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 62 | Figures: 75
Global Wood Plastics Composites Market size was valued at USD 6.14 billion in 2021 and is poised to grow from USD 6.9 billion in 2022 to USD 17.56 billion by 2030, growing at a CAGR of 12.38% during the forecast period (2023-2030).
The global wood plastics composites (WPC) market has experienced significant growth in recent years, driven by the increasing demand for sustainable and eco-friendly building materials. Wood plastic composites are composite materials made of wood fibres or flour mixed with thermoplastics, offering a combination of the aesthetic appeal of wood and the durability and low maintenance of plastics. This market analysis aims to provide an overview of the current state and trends within the global wood plastics composites market.
One of the key drivers for the growth of the global wood plastics composites market is the growing focus on environmental sustainability. Wood plastics composites offer an alternative to traditional building materials like wood, which contributes to deforestation, and non-recyclable plastics. With increasing awareness about environmental issues and the need for sustainable solutions, the demand for wood plastics composites has witnessed a steady rise. These materials are often made from recycled or reclaimed materials, reducing waste and promoting resource conservation.
Global Market Size
USD 6.14 billion
Polyethylene (PE) WPC
Polyethylene (PE) WPC
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The global wood plastic composites market is segmented based on type, application, and region. Based on type, the market can be segmented into Polyethylene (PE) WPC, Polyvinyl Chloride (PVC) WPC, Polypropylene (PP) WPC, and other materials. Based on application, the market is segmented into Building and Construction, Automotive Components and Industrial and Consumer Goods. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Among the different types of wood-plastic composites, the dominant type is Polyethylene (PE) WPC. PE-based WPCs have gained significant popularity and market share due to their favourable properties, such as high strength, durability, and resistance to moisture. PE WPCs find extensive applications in decking, fencing, and outdoor furniture, primarily driven by their ability to withstand outdoor environmental conditions and provide long-lasting performance. The dominance of PE WPCs can be attributed to their wide availability, cost-effectiveness, and versatility, making them the preferred choice in many construction and consumer goods applications.
The fastest-growing type in the global wood-plastic composites market is Polypropylene (PP) WPC. PP-based WPCs have witnessed substantial growth in recent years due to their unique combination of properties, including high stiffness, impact resistance, and thermal stability. PP WPCs are increasingly being utilised in various applications, such as automotive components, packaging materials, and industrial products. The growing demand for lightweight and eco-friendly materials in the automotive sector, coupled with the increasing focus on sustainable packaging solutions, has propelled the adoption of PP WPCs. The market growth of PP WPCs is further fueled by ongoing research and development efforts to enhance their mechanical and processing properties.
Analysis by Application
Among the various applications of wood plastic composites (WPC) in the global market, the dominant application is the Building and Construction sector. The Building and Construction industry has been a major consumer of WPC due to its versatility, durability, and aesthetic appeal. WPC is extensively used in decking, railing, fencing, cladding, and siding applications in both residential and commercial construction projects. The demand for WPC in the Building and Construction sector is driven by the need for sustainable and eco-friendly materials that offer low maintenance and long-lasting performance.
On the other hand, the fastest-growing application in the global wood plastic composites market is the Automotive Components sector. The Automotive industry has recognized the benefits of WPC in various applications, including interior components, exterior trim parts, and automotive body parts. WPC offers advantages such as lightweight, high strength, resistance to moisture, and reduced environmental impact compared to traditional materials. The growing focus on lightweighting vehicles for fuel efficiency and the increasing demand for sustainable materials in automotive manufacturing are propelling the growth of WPC in the Automotive Components sector.
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North America emerges as the most dominant region in the global wood plastic composites market. This is accountable to the presence of a well-established construction industry and a strong focus on sustainable building materials. The US and Canada are the key contributors to the market's dominance in North America. These countries have witnessed a surge in demand for wood plastic composites in residential and commercial construction projects due to their durability, low maintenance, and resistance to environmental elements.
Asia Pacific is experiencing the fastest growth in the global wood plastic composites market. The region is witnessing rapid urbanisation, infrastructure development, and an increasing preference for sustainable materials. Countries such as China, Japan, India, and South Korea are the major drivers of growth in the Asia Pacific market. The construction industry in these countries is booming, with a significant emphasis on eco-friendly materials and green building practices. Additionally, the automotive and consumer goods industries in the region are also adopting wood plastic composites for various applications, further propelling market growth.
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Rising Demand for Lightweight and High-performance Materials
Vulnerability to Moisture and Environmental Factors
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The global wood plastic composites (WPC) market is highly competitive, characterised by the presence of numerous players across the value chain. The market landscape is shaped by factors such as product innovation, technological advancements, and strategic collaborations. Manufacturers in the industry strive to gain a competitive edge by offering high-quality products, expanding their customer base, and maintaining strong distribution networks.
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According to the global wood plastic composites analysis, the rising preference for eco-friendly and sustainable materials in construction and automotive sectors is identified as a major driver. Wood plastic composites, being recyclable and made from renewable resources, are considered environmentally friendly alternatives to traditional materials. Additionally, the growing construction industry, particularly in emerging economies, is expected to drive the demand for wood plastic composites in applications such as decking, railing, and fencing. Furthermore, the report analyses the market's competitive landscape, highlighting the presence of key players and their strategies. It emphasises the importance of product innovation, research and development, and strategic collaborations to gain a competitive edge. The report also discusses the market's regional analysis, identifying the major market segments and their growth prospects across different geographic regions. In terms of market opportunities, the report identifies emerging applications and untapped regions where wood plastic composites can find significant demand.
|Market size value in 2021
|USD 6.14 billion
|Market size value in 2030
|USD 17.56 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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For the Global Wood Plastics Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wood Plastics Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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